ProFrac Holding Corp. (NASDAQ:ACDC) Sees Significant Decrease in Short Interest

ProFrac Holding Corp. (NASDAQ:ACDC) was the recipient of a large decrease in short interest in the month of December. As of December 31st, there was short interest totalling 4,890,000 shares, a decrease of 5.8% from the December 15th total of 5,190,000 shares. Based on an average trading volume of 542,900 shares, the short-interest ratio is currently 9.0 days.

Institutional Investors Weigh In On ProFrac

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Hotchkis & Wiley Capital Management LLC lifted its holdings in ProFrac by 114.4% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 831,320 shares of the company’s stock worth $5,645,000 after buying an additional 443,530 shares in the last quarter. Empowered Funds LLC purchased a new position in ProFrac in the third quarter valued at $3,764,000. American Century Companies Inc. boosted its holdings in ProFrac by 72.0% in the second quarter. American Century Companies Inc. now owns 315,689 shares of the company’s stock valued at $2,339,000 after purchasing an additional 132,108 shares in the last quarter. Marshall Wace LLP grew its holdings in shares of ProFrac by 1,632.1% during the second quarter. Marshall Wace LLP now owns 242,491 shares of the company’s stock worth $1,797,000 after purchasing an additional 228,491 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of ProFrac by 3.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 175,777 shares of the company’s stock valued at $1,194,000 after acquiring an additional 6,063 shares during the period. Hedge funds and other institutional investors own 12.75% of the company’s stock.

ProFrac Stock Down 3.4 %

NASDAQ ACDC opened at $8.91 on Monday. The firm has a market cap of $1.43 billion, a PE ratio of -6.32 and a beta of 1.20. The company has a quick ratio of 0.62, a current ratio of 0.95 and a debt-to-equity ratio of 0.86. The business’s fifty day simple moving average is $7.80 and its 200-day simple moving average is $7.21. ProFrac has a 52 week low of $5.16 and a 52 week high of $9.75.

Analyst Ratings Changes

ACDC has been the subject of a number of recent research reports. JPMorgan Chase & Co. lowered shares of ProFrac from a “neutral” rating to an “underweight” rating and set a $7.00 price target for the company. in a research report on Friday, December 6th. Bank of America restated a “hold” rating and issued a $7.50 price objective on shares of ProFrac in a research report on Monday, October 14th. Morgan Stanley lowered shares of ProFrac from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $7.00 to $6.50 in a report on Thursday, October 17th. Finally, Stifel Nicolaus cut their price objective on ProFrac from $7.00 to $6.00 and set a “hold” rating for the company in a research report on Monday, January 6th. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $7.20.

ProFrac Company Profile

ProFrac Holding Corp. operates as a technology-focused energy services holding company in the United States. It operates through three segments: Stimulation Services, Manufacturing, and Proppant Production. The company offers hydraulic fracturing, well stimulation, in-basin frac sand, and other completion services and complementary products and services to upstream oil and natural gas companies engaged in the exploration and production of unconventional oil and natural gas resources.